Saving for a Summer Getaway
May 8, 2012
By Katie Bryan, America Saves communications manager
Do you have a vacation planned for this Summer? If so, have you already saved for it? With Summer quickly approaching, there is still time to save for a trip. Need some savings motivation? We will show you how to save step by step so that you can afford a weekend getaway by Summer’s end.
Step 1- Figure out your goal & save automatically. If you save $5 a day from now until Independence Day, you can save $280 towards a weekend getaway. Double that and you’ll have over $550 towards your vacation. To make saving easy, have a portion of your paycheck transferred automatically from your checking to savings account for your vacation. You can also set up direct deposit at work and have a portion of your paycheck go directly into savings.
Step 2 – Find ways to cut back for even more savings. Saving $5 or $10 daily seems like a difficult task, but it’s easy when you examine where your money is currently going. Without a budget and savings plan, we all have a tendency to overspend. Here are quick ways to add more to your savings:
- Bring your lunch, snacks, and beverages from home. Avoiding to-go lunches and vending machines can easily save you $5-10 each day.
- Institute a “no spend” day or take a moratorium on buying non-essentials like books or the latest fashions.
- Sell gently used clothing, electronics, and other items through local consignment stores, online, or by hosting a garage sale. It’s a great way to de-clutter and add to your savings.
- Cancel cable and other non-essential subscription services for the Summer. Check out your local library for free books and DVDs.
Step 3 – Save even more on your weekend getaway. Because you are starting to save and plan early, shop around for deals to save money on hotel and travel expenses. Check out a guidebook for your vacation destination for low-budget recommendations for food, activities, and accommodations. For further savings:
- Bring your own snacks and meals for the car ride rather than relying on fast food. Eat at low-budget restaurants whenever possible.
- Choose a place to stay that has a kitchen, so you don’t have to go out to eat as often.
- Check out online travel websites to book discounted flights and hotel rooms.
- Ask for discounts! If you’re a student or in the military, discounts are available pretty much anywhere. Many hotels also offer discounts to AAA members or government employees.
Where are you planning on going this Summer? Let us know on our Facebook page.